Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy.
For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Realtors® said today. The moratoriums are needed, banks say, to review all of the foreclosures in their portfolios to make sure they’re in compliance with the law and that titles are clear.
NAR warned that a prolonged review process would have a damaging impact on many communities and hinder the nation’s economic recovery.
“As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws. After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz.
Over the past few months NAR has met with officials of top banks to discuss market issues. NAR urged banking leaders to seek resolution quickly through loan modifications and the short-sale process rather than through foreclosure. “We stand ready to help lenders develop better short-sale procedures,” Golder said.
“There are valid foreclosures that should move ahead quickly, and we shouldn’t lump them in with mortgages that are suspect. That would cause deep problems in an already fragile market and throw many families into uncertainty,” Golder said.
Golder said that she is receiving reports from Realtors® that the moratorium is already creating some anxiety among purchasers as transactions are being delayed and that some foreclosure listings are being removed from the market.
Compounding the problem is that the requirements for foreclosure vary by state, and practices to meet these requirements vary by firm. NAR is working with regulators, such as the Federal Housing Finance Agency; and encouraging them to identify and quickly address process problems.
In a letter today to the U.S Treasury Department, the U.S Department of Housing and Urban Development, and the Federal Housing Finance Agency, NAR stated the hope that banks would complete their foreclosure review expeditiously to assure that the rights of borrowers are protected and remove doubt that buyers will receive clear title to their purchase.
“NAR has long urged the lending industry to take every feasible action to keep families in their homes with a loan modification and, if that is not possible, to give them a ‘graceful exit’ through a short sale. These options are far better than a foreclosure, and nothing has driven this point home more clearly than the questions being raised about foreclosures. Lenders should place additional resources into processing loan modifications and short sales,” NAR wrote.
A year ago, NAR instituted a special short sale training program for its Realtor® members to work more closely with banks in expediting mortgages at risk by resolving them through short sales and loan modifications.
Monday, October 18, 2010
Tuesday, September 14, 2010
September Home Sales in Alameda Start Slow
Alameda September home sales are tracking for a big decline in both month-over-month and year-over year sales. With just 11 sales recorded so far this month the Island is pacing at 23 sales for the month, this would be a huge decline over the 55 sale in September 2009.
At the current pace, Alameda is looking at a decline of 48-percent in two of its three most productive sales months. The months of August, September and October was Alameda's best sales period in 2009. During that three month span 186 properties were sold. Given that August 2010 had 20 fewer sales than '09 and September is pacing to have the same reduction the final totals for 2010 could be very dismal.
There are some positives in the recent sales both median and average sale price are up over September 2009 and five of the 11 homes that sold went for above the list price. September 2009 median sales prices was $517,000 and the average was $558,335 compared to $589,301 and $571,500 respectively.
September Sales to date:
At the current pace, Alameda is looking at a decline of 48-percent in two of its three most productive sales months. The months of August, September and October was Alameda's best sales period in 2009. During that three month span 186 properties were sold. Given that August 2010 had 20 fewer sales than '09 and September is pacing to have the same reduction the final totals for 2010 could be very dismal.
There are some positives in the recent sales both median and average sale price are up over September 2009 and five of the 11 homes that sold went for above the list price. September 2009 median sales prices was $517,000 and the average was $558,335 compared to $589,301 and $571,500 respectively.
September Sales to date:
| Sale Date | Address | City | Zip | Type | Beds | Baths | SQ Feet | List Price | Sale Price | % |
| 01-Sep-10 | 2610 OTIS DR | Alameda | 94501 | SFR | 3 | 1 | 2023 | $325,000 | $350,000 | 107.69% |
| 02-Sep-10 | 1944 OTIS DR | Alameda | 94501 | SFR | 4 | 2 | 2029 | $649,000 | $657,500 | 101.31% |
| 02-Sep-10 | 118 PURCELL DR | Alameda | 94502 | SFR | 2 | 2 | 1526 | $659,000 | $655,000 | 99.39% |
| 03-Sep-10 | 1325 SAINT CHARLES | Alameda | 94501 | SFR | 3 | 2 | 1842 | $724,000 | $704,000 | 97.24% |
| 03-Sep-10 | 2625 JANIS CIRCLE | Alameda | 94501 | MFR | 0 | 0 | $698,000 | $660,000 | 94.56% | |
| 07-Sep-10 | 202 CHINABERRY LN | Alameda | 94502 | TNHS | 4 | 2 | 2018 | $516,900 | $515,000 | 99.63% |
| 08-Sep-10 | 447 SANTA CLARA | Alameda | 94501 | MFR | 0 | 0 | $419,000 | $435,000 | 103.82% | |
| 09-Sep-10 | 630 TARRYTON ISLE | Alameda | 94501 | SFR | 4 | 2 | 1841 | $699,000 | $710,000 | 101.57% |
| 09-Sep-10 | 2931 WINDSOR DRIVE | Alameda | 94501 | SFR | 2 | 1 | 1198 | $576,000 | $585,000 | 101.56% |
| 10-Sep-10 | 2722 BAYVIEW DRIVE | Alameda | 94501 | SFR | 3 | 2 | 1716 | $629,500 | $615,000 | 97.70% |
| 10-Sep-10 | 1033 TAYLOR AVE | Alameda | 94501 | MFR | 0 | 0 | $499,000 | $400,000 | 80.16% |
Monday, September 13, 2010
Alameda Home Inventory Grows 7-Percent
In just seven days, Alameda Home Inventory grew 7-percent and is closing in on 200 units for the first time since I started tracking the data in 2008. The total number of units is just 13 new properties for sale, but the trend is showing that sales on the Island are not matching the rate of sale.
The more concerning number is the growth of foreclosures. Alameda saw four more foreclosed homes come to the market: 73 Sand Harbor, 1005 Verdemar Dr, 1139 Pacific Ave and 2133 Clinton Ave. There was a net gain of three foreclosed units week-over-week.
The foreclosure pipeline looks to be very full and the trend appears to be rising. According to RealtyTrac, Alameda has 282 homes in the foreclosure process; 215 in the 94501 and 67 in the 94502. Of those the bulk, 144 units, are still in the pre-foreclosure process, 99 are at the auction stage and 39 are banked owned.
If the RealtyTrac numbers are accurate, then the banks are still sitting on inventory. If you add in the additional distressed properties then the Alameda Inventory is roughly 316 units, nearly 10-percent of all the Alameda's housing stock.
The positive is Alameda is in better shape than most of the country. The Island had just one in every 423 housing units received a foreclosure filing in July 2010. That is on the low end of the spectrum. Some parts of the country and the Bay Area are seeing nearly, twice as many filings, 1-244 is the higher ends. The Nation's number one foreclosure market Las Vegas, NV had one filing for every 71 households and the state of Nevada one filing for every 82 households.
The housing market looks like it is going to be very bumpy over the next several months and the distressed properties is good indicator to monitor as we head towards 2011.
Inventory
| Date: September 13, 2010 | 9/13/10 | 9/6/10 | Weekly Change |
| Total Inventory | 198 | 185 | 13 |
| 94501 | 148 | 140 | 8 |
| 94502 | 50 | 45 | 5 |
| Single Family | 109 | 99 | 10 |
| Condos | 60 | 55 | 5 |
| Multi-Family | 27 | 29 | (2) |
| Foreclosure | 20 | 17 | 3 |
| Short Sale | 21 | 22 | (1) |
| Price Reduced | 79 | 72 | 7 |
| % of Price Reduced | 39.90% | 38.92% | 0.98% |
| High List | $1,835,000 | $1,835,000 | |
| Low List | $149,888 | $149,888 |
Check out the new Bulletin Board feature: If you have a local Alameda announcement or something to sell in Alameda. Posting is at the sole discretion of the editor of 94501 Real Estate. Posting will be done nightly, so it may take up to 24 hours to appear on the bulletin board. Please include links if you have a page to direct people to. Email announcements and ads to 94501RealEstate@Gmail.com.
Friday, September 10, 2010
New Open House Section on 94501 Real Estate
Now that Blogger allows you to create multiple pages, 94501 Real Estate has launched an Open Home section. Realtors to have an Open Home posted: Just email your posting to 94501RealEstate@gmail.com before 5 PM on Thursday.
Please include the date(s) and time of the open house along with the list price, address, beds, baths and square footage.If you have a link to the property please include the URL.
The only rules I have is that it must be an Alameda listing.
An additional feature: Bulletin Board
If you have a local Alameda announcement or something to sell in Alameda. Posting is at the sole discretion of the editor of 94501 Real Estate. Posting will be done nightly, so it may take up to 24 hours to appear on the bulletin board. Please include links if you have a page to direct people to. Email announcements and ads to 94501RealEstate@Gmail.com.
Please include the date(s) and time of the open house along with the list price, address, beds, baths and square footage.If you have a link to the property please include the URL.
The only rules I have is that it must be an Alameda listing.
An additional feature: Bulletin Board
Bulletin Board
Thursday, September 9, 2010
Looking for a Bargain? See Alameda's Top 15
In this current economic time everyone is looking for a bargain, so I thought I would give you Alameda's top 15 based on the percentage of price reduction.
Looking at the list these homes have had anywhere between one and five reductions. The list contains both condos and single family homes, the interesting part is of the 37 distressed properties on the market only four are on the Top 15 list.
The home with the largest reduction is 1213 Saint Charles that saw the price $289,000 for almost a 21% reduction. This is a great looking home in the Gold Coast, but the seven figure price tag leaves it a tough buy for most.
My favorite is listed for $599,000, a 17% discount is 2837 Madison. It has four bedrooms and two and half baths, bay windows and wainscotting. A very nice home and a more moderate price.
If you are looking for a great starter place the condo at 1170 9th Street at $199,000 may be a good place to look for a deal. It is only one of two units offered at under $200,000. It is a one bedroom place, but if you like water it has a pool and is on the lagoon.
If you are looking for a single family residence there are a few to select from under $500,000. there are 20 single family residence with at least two bedrooms between $299,950 and $499,999. If you need more than two bedrooms the selection gets slim two three bedroom, two four bedroom and one five bedroom homes in this range.
Top 15 Bargains
Looking at the list these homes have had anywhere between one and five reductions. The list contains both condos and single family homes, the interesting part is of the 37 distressed properties on the market only four are on the Top 15 list.
The home with the largest reduction is 1213 Saint Charles that saw the price $289,000 for almost a 21% reduction. This is a great looking home in the Gold Coast, but the seven figure price tag leaves it a tough buy for most.
My favorite is listed for $599,000, a 17% discount is 2837 Madison. It has four bedrooms and two and half baths, bay windows and wainscotting. A very nice home and a more moderate price.
If you are looking for a great starter place the condo at 1170 9th Street at $199,000 may be a good place to look for a deal. It is only one of two units offered at under $200,000. It is a one bedroom place, but if you like water it has a pool and is on the lagoon.
If you are looking for a single family residence there are a few to select from under $500,000. there are 20 single family residence with at least two bedrooms between $299,950 and $499,999. If you need more than two bedrooms the selection gets slim two three bedroom, two four bedroom and one five bedroom homes in this range.
Top 15 Bargains
| List Date | Original List | New List Price | % | Number of Reductions | Address |
| 21-Apr-10 | $1,389,000 | $1,100,000 | 79.19% | 2 | 1213 SAINT CHARLES ST |
| 12-Jul-10 | $725,000 | $599,000 | 82.62% | 2 | 2837 MADISON ST |
| 04-May-10 | $300,000 | $249,000 | 83.00% | 2 | 965 SHOREPOINT CT #203 |
| 14-Jun-10 | $599,900 | $499,900 | 83.33% | 2 | 2149 LINCOLN AVE |
| 20-Jan-10 | $239,000 | $199,900 | 83.64% | 5 | 1170 9TH ST #13 |
| 22-Jan-10 | $285,000 | $240,000 | 84.21% | 3 | 2209 OTIS DR #R |
| 19-Nov-09 | $1,385,000 | $1,195,000 | 86.28% | 2 | 1000 GRAND ST |
| 21-Jun-10 | $1,390,000 | $1,200,000 | 86.33% | 2 | 1831 SAN JOSE AVENUE |
| 07-Jul-10 | $478,900 | $418,900 | 87.47% | 2 | 3201 OTIS DR |
| 11-Jun-10 | $965,000 | $849,000 | 87.98% | 2 | 1525 GIBBONS DRIVE |
| 18-May-10 | $859,000 | $760,000 | 88.47% | 5 | 64 STEUBEN BAY |
| 07-Jul-10 | $789,000 | $699,000 | 88.59% | 2 | 3125 BAYO VISTA AVE |
| 16-Jul-10 | $544,000 | $484,000 | 88.97% | 1 | 108 PARFAIT LN |
| 30-Jul-10 | $650,000 | $579,000 | 89.08% | 1 | 1529 MOZART STREET |
| 08-Mar-10 | $379,950 | $339,950 | 89.47% | 3 | 2101 SHORELINE DR #262 |
Wednesday, September 8, 2010
August Home Sales Take Big Chill
After a big run up in sales prior to the end of the Federal Tax Credit, home sales in Alameda dipped in the month of August significantly. The decline in sales is reflective of what is happening across the country where sales haven fallen off as credit has been become more difficult and buyers are wary to buy a home. Alameda sales are down 41-percent in May and 34-percent from June.
Looking back the past two years August had 56 sales in 2009 and 48 in 2008 compared to 35 this year. This is a 27-percent decline year-over-year. The combination of growing inventory and slow sales will continue to put pressure on the Alameda market.
Both the median ($578,000) and average sale ($623,951) price were up in August. The median is the highest since June of last year and the average you have to go back to November 2008.
The positive for sales were May and June, the sales number were very good compared to the last two year. Both months exceed the prior two years sales for the same time period. Most of this was due to buyers taking advantage of the tax credit.
Alameda Home Sales Graph from January 2009 to August 2010:
| Sale Date | Address | zip | Sale Price |
| 03-Aug-10 | 234 SHEFFIELD RD | 94502 | $855,000 |
| 03-Aug-10 | 1801 VERSAILLES AVENUE | 94501 | $850,000 |
| 04-Aug-10 | 2101 SHORELINE DR #461 | 94501 | $365,000 |
| 06-Aug-10 | 983 PARK ST | 94501 | $409,500 |
| 10-Aug-10 | 119 CENTRAL AVENUE | 94501 | $465,000 |
| 10-Aug-10 | 1200 SAN ANTONIO AVE | 94501 | $1,635,000 |
| 11-Aug-10 | 608 FORTRESS ISLE | 94501 | $790,000 |
| 11-Aug-10 | 1825 NASON ST | 94501 | $390,000 |
| 12-Aug-10 | 2615 WASHINGTON ST | 94501 | $525,000 |
| 12-Aug-10 | 3402 REDHOOK LN | 94502 | $425,000 |
| 12-Aug-10 | 1712 THIRD STREET #305 | 94501 | $265,000 |
| 12-Aug-10 | 2935 SOUTHWOOD DR | 94501 | $1,200,000 |
| 13-Aug-10 | 1516 FIFTH STREET | 94501 | $678,000 |
| 13-Aug-10 | 2015 LINCOLN AVE | 94501 | $530,000 |
| 13-Aug-10 | 1713 EAGLE AVE | 94501 | $500,000 |
| 13-Aug-10 | 1001 SHORELINE DR #108 | 94501 | $419,300 |
| 17-Aug-10 | 410 MARSHALL WAY | 94501 | $470,000 |
| 17-Aug-10 | 1001 SHORELINE DR #406 | 94501 | $412,000 |
| 18-Aug-10 | 965 SHOREPOINT CT #222 | 94501 | $298,000 |
| 20-Aug-10 | 356 ANDERSON RD | 94502 | $960,000 |
| 20-Aug-10 | 2778 SHANER DR | 94502 | $607,500 |
| 20-Aug-10 | 534 QUEENS ROAD | 94501 | $578,000 |
| 20-Aug-10 | 950 SHOREPOINT CT #216 | 94501 | $185,000 |
| 23-Aug-10 | 2845 ENCINAL AVE | 94501 | $638,000 |
| 23-Aug-10 | 837 PACIFIC AVE | 94501 | $455,000 |
| 27-Aug-10 | 1 STONE HBR | 94502 | $780,000 |
| 27-Aug-10 | 1305 HANSEN AVE | 94501 | $776,000 |
| 27-Aug-10 | 2157 SAN ANTONIO AVE | 94501 | $745,000 |
| 27-Aug-10 | 1555 SANTA CLARA AVE | 94501 | $565,000 |
| 30-Aug-10 | 1809 KOFMAN PARKWAY | 94502 | $838,000 |
| 30-Aug-10 | 1312 SAN ANTONIO AVE | 94501 | $650,000 |
| 31-Aug-10 | 236 RATTO RD. | 94502 | $879,000 |
| 31-Aug-10 | 632 ARLINGTON ISLE | 94501 | $705,000 |
| 31-Aug-10 | 22 BRITT COURT | 94502 | $620,000 |
| 31-Aug-10 | 3523 OLEANDER AVE | 94502 | $375,000 |
| Median | $578,000 | ||
| Average | $623,951 |
For More Detail
August 2010 Sales
Tuesday, September 7, 2010
Alameda Inventory: 31-Percent Growth Over Last Year
Alameda home inventory has been steadily growing since the beginning of the year, when the Island was well below a 100 units of housing for sale. Over the past eight months inventory seem to be stuck in the 130 range, but began to grow again and with the end of the Federal tax credit, and the traditional selling season.
Since both of those milestones have passed it is good to reflect back and see how the market has changed.
Note: The inventory includes to parcels of land for sale.
Enter the Fall of 2009, there was a downward trend in inventory after peaking in July and bottoming at 131 units during the first week of September. The lack of inventory continued well into 2010 and lag for most of the year.
Inventory is now at 185 units, this is a growth of of 31-percent from September 2009. The largest growth came in the condominium market that more than doubled. The condo market has struggled over the past two years as evident with 11 condos listed at $250,000 or below. Three of those units are in the Park Webster complex at the foot of Webster Street. The Woodstock Coop (townhouse) also has two listed under the $250,000.
The distressed market has also grown over the past year. The most concerning is the growth of Short Sales. Short Sales is the seller's attempt to sell the home for less than they owe on the property. The number of short sales double from the prior year. The properties range from $149,888 to $720,000.
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Note: The inventory includes to parcels of land for sale.
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